Deputy Prime Minister of the Russian Federation Alexander Novak held a working meeting with Ambassador Extraordinary and Plenipotentiary of the Republic of India to Russia Pavan Kapoor. The parties noted the record growth in trade between the two countries and expressed the desire to continue this interaction, increasing cooperation on trade in energy resources, such as oil, petroleum products, liquefied natural gas, coal and fertiliser.
In 2021, bilateral trade between Russia and India increased by 46.5 percent, exceeding $13.5 billion. In January-September 2022, trade exceeded the figure for all of last year, totalling $20.4 billion.
Over the first eight months of 2022, Russian oil exports to India grew to 16.35 million tonnes; in the summer, Russia ranked second in terms of oil shipments to India. Deliveries of oil products and coal also increased.
The Deputy Prime Minister welcomed India's decision not to support the price cap on Russian oil, which was imposed on December 5 by the G7 countries and their allies. He noted that even amid the energy crisis, Russia is responsibly fulfilling its contractual obligations for the supply of energy resources, diversifying energy exports to the countries in the east and south.
“The introduction of a price cap on Russian oil is an anti-market measure. It disrupts supply chains and could significantly complicate the situation in global energy markets. Such non-market mechanisms disrupt the international trading system as a whole and set a dangerous precedent in the energy market. As a result, the problem of energy poverty is being aggravated not only in the developing world, but also in the developed countries of Europe,” Alexander Novak said.
In order not to depend on the ban on insurance services and tanker chartering in the European Union and Britain, the Deputy Prime Minister offered India cooperation on leasing and building large-capacity ships.
Alexander Novak invited Minister of Petroleum and Natural Gas and Housing and Urban Affairs of India Hardeep Singh Puri to take part in the international forum, Russian Energy Week 2023, which will be held on 11-13 October 2023 in Moscow.